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The last 6 months of 2008 were dominated by talk of recession, economic woes and the continue transition in media consumption from traditional to new media. If all the talk is true, that this year is going to be a tough one for business and that traditional media might be seriously under siege, then what are marketers doing about it? How are you going to tackle the task of marketing your business during tough times and a changing media landscape?

What is your media mix in 2009? Will it be the same as last year or will you be reassessing your marketing options? I’d really like to know, so please comment below.

Certainly, the media mix that our agency considers for our clients is considerably different than it was 3 or 4 years ago. While an integrated campaign once started at TV and traveled through press, radio and maybe outdoor, in 2009 the mix appears to be very different.

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For the last few years many Gen X pundits (like myself) and rising Gen Y influencers have been predicting the imminent demise of the traditional media. While these two transitional generations are witnessing the steady move to a more digital future there is another generation that is oblivious to the change and will wonder what we were ever debating.

Millennials are history’s first truly digital generation and over the next two decades they will increasingly influence the future of media. Bad news traditional media – you are not even on their radar.

This wasn’t a planned post. I am writing this during my Christmas holidays on a brilliant sunny morning whilst watching my 6 year old son play with my iPhone. He does it intuitively, in a way that would frustrate Boomers, and many Gen X adopters of new technology.

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I am a big fan of Al and Laura Ries’ dissection of the marketing world. I also tend to agree with their theory of divergence (despite maybe making the wrong call on the iPhone) which says that new products and channels will continually splinter away from their ancestors and evolve.

There is probably no better place to explore the divergence theory than in the media. We are constantly being told that traditional media is dying and that new media is on the rise. But while that is somewhat true, what isn’t highlighted enough is that “new media” consists of a plethora of options and delivery systems rather than one or two all powerful mediums.

The truth is that we may never see a handful of dominant mediums again. What we are now witnessing is the rise and rise of micro-media.

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I recently posted that the economic crisis could provide a turning point in marketing and media history and based most of my commentary on observations of how the media would be affected at a critical time when emerging media and technologies were gaining a foothold in the marketplace.

Just over a month later I would suggest my observations were closer to realisation than I anticipated, and not just due to the economy.

In that time we have seen the first black man swept into power in the USA on the back of some amazingly effective groundswell marketing and fundraising that has re-written political campaigning forever.

And now the trickle of news indicating change was underway has become a torrent of commentary and press releases, especially in America.

Here are just some of the stories that have caught my attention in the last few weeks. You don’t need to read the entire articles, just the headlines, to realise that something big is happening:

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Its turning out to be a tumultuous week in Australian media circles:

James Packer has jumped ship from PBL Media, quitting the group’s boards and effectively cutting his ties to the remains of the Packer media empire, including Nine Network and ACP Magazines.

SBS expects to be the first free-to-air television network to offer national metropolitan and regional audiences in a single advertising buy after revealing plans to split its signal in metro and regional markets from February.

The Ten Network is set to next month lay down the gauntlet to Fox Sports and its free-to-air rivals when it unveils that its high-definition channel will televise Australian and international sport 24 hours a day.

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Ariana Huffington (of Huffington Post fame) Shares 4 Secrets Of Creating A Successful Blog

Photon Grows Despite Downturn – LISTED marketing group Photon says its earnings have grown 20 per cent in the September quarter despite the slump in global economic markets and reports advertisers are beginning to cut spending.

ConsMedia may dilute stake in Nine owner PBL – CONSOLIDATED Media Holdings has given its strongest indication it is willing to dilute its stake in the debt-ridden Nine Network owner, PBL Media, rather than pump in extra money to support the private equity joint venture.

Yahoo to cut at least 1400 jobs globally – YAHOO reported its third-quarter net income tumbled 64 per cent as the company lowered its year revenue guidance and said it would reduce its global work force by at least 10 per cent.

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As the economy goes down the gurgler, here is some of the news and discussion around Australia and the world:

Labor governments blamed for radio ad dive – A DISASTROUS quarter of advertising revenue falls in Sydney radio has sent the overall radio ad market into a tailspin.

Fairfax’s finest line up to leave Sydney Morning Herald – SOME of the longest-serving reporters at Fairfax Media’s Sydney flagship newspaper, The Sydney Morning Herald, will be told from today whether their applications to be made redundant have been approved.

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Don’t underestimate the seriousness of the current international financial crisis. I am no economic expert,

The Fugitive - Train Wreck 1993 by Jerry Jaynes

but I am convinced that we have yet to see the full extent of the train wreck that is the sub-prime and subsequent liquidity crisis that is beginning to wreak havoc on the World’s financial systems.

Even following the legislative approval of the US $800billion bailout, we are still standing on the precipice of the most serious economic downturn of our generation.

Ian Verrender, financial columnist at the Sydney Morning Herald warns:

There is no understating the seriousness of the situation in which we now find ourselves. This is a historic moment, a pivotal point in global affairs. And no one can really tell where we are headed right now.

As an agency owner, employer and primary source of family income, my focus is on how this financial crisis, and possible world recession will affect the industries in which I operate. It has been playing on my mind for some time now and I have drawn some conclusions that may be worth discussing.

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Several recent stories in AdAge in America point to how the tighter economy and increasing effectiveness of online marketing is resulting in a major shift in the allocation of marketing budgets.

Kellogg Says ROI on Digital Trounces TV by ‘Factor of 2‘. Food Giant Plans to Cut Commercial Filming up to 20% in the Next Year. After taking a long look at where it’s getting the best return on its marketing investment, Kellogg Co. has decided to move more money online and spend less on TV.

CMOs Up Digital, Cut Traditional. Survey: Marketers’ Need to Target Better Benefits Budgets for Interactive. The first quarterly Epsilon CMO Survey reveals that nearly two-thirds of chief marketing officers said their interactive/digital marketing budgets have increased in the past year, while 60% have seen their traditional advertising budgets go south.

That digital chatter is starting to get awfully loud folks. Is your company paying attention?

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Source: Nick Tabakoff, The Australian

QUESTIONS were raised yesterday about the wisdom of Fairfax Media’s purchase of the Southern Star production house, after Big Brother’s axing by the Ten Network marked its third — and most important — programming casualty since the newspaper group took it over.

The move follows the recent moves to indefinitely rest two shows on the Nine Network — the Eddie McGuire-hosted game show 1 vs 100 and comedy series Monster House — also produced by Endemol Southern Star, the production house’s joint venture with global producer Endemol.

Big Brother was Endemol Southern Star’s flagship property, attracting a fee understood to have been $28 million for the 2008 edition.

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